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BU121- january 10th.docx

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Laura Allan

th BU121- January 10 2013 Register for labs TMRW Obtain Assessment codes from TA They take around half an hour to do. Top hat monocle discount code is counivjawlassok ; BUY FROM BOOKSTORE TOMORROW Use Paypal or Credit Card The future of business quizzes SUCCESS SESSION IS MANDATORY, Monday at 5:30 at P1025, or next Sunday at 7pm Key concepts from chapter 1  Why write a biz plan? Model of biz planning  Components o Key questions answered o Characteristics of a well-prepared plan o The executive summary o Critical risks o Milestones o Seven deadly sins  Useful for NV but NOT tested o Other seciotns of a biz plan o Intangibles o Making an effective biz plan presentation Remember a time before fortification- FUNCTIONAL products  Yogurt was all about flavours, but now features probiotics  Soft drinks were all about taste, now they have caffeine  Bottled water was all about price; now Vitamin water exists  Awake Bars: combines milk chocolate taste with functions of energy drinks o Has been attempted by MarsBars BUT tasted very unpleasant o How do you minimize the “opportunity cost” involved? Guy Kawasaki- angel investor “The art of the start”  What does an entrepreneur have to accomplish? o Make meaning, over money/prestige/status- This is what true motivation is  “if your org. never existed the world would be worse off because…” o Make Mantra to reflect value proposition; most companies have mission statements  mission statements are “exceptionally mediocre” because they are drawn up by executives to appease stakeholders…most common words were “good, excellent, quality, community…”; they tend to all sound the same and very neutral  Must be short, memorable and be able to evoke emotion…i.e. PepsiCo’s “Refresh Everything”; AWAKE “stay AWAKE”  Should work from a customer and strategic standpoint o Get Going- Step off into the abyss, take the leap of faith, and do it. “it’s how great you end up” o Define a Business Model- Who has money in their pockets? How are you going to get it into your pocket? o Weave a MAT (Milestones, Accomplishments, Tasks)  You need to have something to keep things in control, to make sure everything is moving in the correc
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